Decentro, a banking integration startup, announced on Tuesday that it has raised $4.7 million (approximately Rs 37.6 crore) in Series A funding from Rapyd Ventures, Leonis VC, and Uncorrelated Ventures.
A number of angel investors took part in the round, including Kunal Shah (Founder of Cred), Lalit Keshre (Groww), Beerud Sheth (Gupshup), and Pratekk Agarwaal (former BharatPe).
The Bengaluru-based company intends to use the additional funds to hire more people in the business, product, technology, and operations verticals.
“Decentro is playing a role in developing new infrastructure to instantly move money, validate user identities and connect users to bank accounts and credit. Building their innovation layer in India first gives Decentro a great base to build scalable innovations that can be expanded as other emerging markets modernise their own infrastructure,” said Joel Yarbrough, managing director and vice president-Asia Pacific, Rapyd Ventures.
The startup claims that its volumes have increased by 50-70 per cent every quarter since early 2021, and that its monthly revenues have recently exceeded its spends in recent months.
Decentro had previously raised a total of $1.7 million in seed and angel rounds. Y Combinator and FundersClub participated in the seed round, which ended in October 2020.
Categories: Startups & SMBs